Using the "Existing 1st" checkbox on a product scenario

What the Checkbox Does

The "Existing 1st?" checkbox is used to show a resubordination of a second lien or to make a copy of the current mortgage appear in the new product area.

When to Use It (How it's handled)

You actually never have to check this box manually. Instead, the feature is triggered during specific scenarios by using the "Copy From" function:

• When to apply this scenario: Use this when you need to copy the current mortgage details into the 1st lien within the scenario. This allows you to:

  • Add a 2nd lien if you want to add a 2nd with a refinance.

  • OR show the Current Mortgage with a reduction payment applied (found within the Analysis tab's Reinvestment Strategy button).

• How to do it: Click the "Copy From" button and select Current Mortgage from the dropdown menu. This duplicates the current mortgage details into the 1st lien product info section, and the software will automatically check the "Existing 1st?" box for you.

When NOT to Use It

• When you want to refinance the 1st Lien: Do not check this box if you plan to refinance the 1st lien. Checking it tells the system that you are not going to refinance the lien you are actively working on, which will completely remove the Closing Cost tab and prevent you from adding costs.

• Do not check it manually: Because the system handles this flag automatically via the "Copy From Another Product" action, manual selection is unnecessary.